⊙记者 王璐 ○编辑 邱江

Reporter WangLu ○ ⊙ QiuJiang editor

　　来自上交所的《上市公司2011年年报实际控制人披露情况分析》报告指出，2011年年报中，上市公司实际控制人的披露较往年有所改善，但依然有部分公司未明确披露实际控制人，部分公司混淆了实际控制人的概念。因此，报告建议应严格上市公司实际控制人的披露。

From the ShangJiaoSuo《The listed company annual report 2011 actual control over the disclosure analysis》The report points out that，Annual report 2011，The listed company actual controller is improved the disclosure of the previous years，But still have some company did not make clear to control the actual disclosure，Part of the confusion of actual control over the company of the concept。so，The report recommends that the listed company shall strictly control the disclosure of the actual people。

　　报告称，未披露至最终实际控制人是历年来的主要问题，主要是部分公司混淆了控股股东和实际控制人的概念，将控股股东作为实际控制人披露。与此同时，不少公司错误理解了实际控制人概念，如部分公司以名义股东较为分散为由认定公司不存在实际控制人；部分公司以第一和第二大股东持股比例接近而认定公司无实际控制人；也有公司未认定公司是否存在实际控制人。

The report says，Did not disclose to eventually actual controller is the main problem over，The main part of the company is confusing the controlling shareholder and the actual control the concept，Will the controlling shareholders as actual control over the disclosure。At the same time，Many companies actually control the wrong person concept，As part of the company in nominal shareholders are scattered on the actual control that do not exist；Part of the company with the first and second of large shareholdings ratio is closer to believe that the company without real control；There are also firms that did not recognize the company whether there is actual controller。

　　鉴于披露现状和存在的问题，报告就完善年报实际控制人披露提出若干建议。首先，建议严格实际控制人的披露，包括明确实际控制人的类型仅有自然人、国有资产管理部门和其他最终控制人三种；应披露实际控制人合计控制公司股份数的情况，如一个实际控制人通过多个公司持有公司股份，则应披露该实际控制人合计控制公司股份数量的情况；对于大股东持股数量接近的，不存在单一实际控制人，但实质上属于多人共同控制的，不应简单披露为不存在实际控制人，而应披露这些股东之间的关系和是否有共同控制的安排；关于实际控制人的披露内容，建议借鉴重大资产重组报告书对重组方、收购报告书对收购方等的披露内容，但实际控制人的财务资料无须披露。

In view of the current situation and existing problems of the disclosure，The report will improve the actual control over the disclosure report put forward some proposals。first，Advice is strictly control the disclosure of the actual people，Including clear the type of person who actually control the only natural person、The state-owned assets administration department and other final control people three；Shall disclose the actual control over the total number of shares of the company control，As a practical control people through multiple company shares，It should be the actual total control over the disclosure of control the number of shares in a company；For the number of large shareholdings close to，Not a single real control there，But in essence belongs to the people of the common control，Should not be simple disclosure for practical control does not exist，And these shareholders shall disclose the relationship between whether there is a common control and schedule；About the actual control the disclosure of content，Suggest reference material assets reorganization to restructuring party、Purchase report to the disclosure of the content such as acquirers，But the actual control the financial information need not disclosed。

　　其次，建议细化股东控制关系的披露。对于公司第一大股东与第二大股东等持股比例接近的公司，或者控股股东的第一和第二大股东等持股接近的公司，应要求其分别披露该第一大股东和第二大股东等的实际控制人情况，并要求在此基础上认定公司的实际控制人。对于公司认定第一大股东为实际控制人的，也应关注其第二大股东与第一大股东的持股差距，如果不大的，也应要求披露第二大股东的实际控制人情况。

second，Suggestion refined shareholder control the disclosure of the relationship。For the company of the first largest shareholder and the second largest shareholder, close to the share ratio of the company，The controlling shareholder or the first and second big shareholders holding companies such as close to，Shall require the disclosure of the first big shareholders are the second largest shareholder and the actual controller, etc，And requirements on the basis of the actual control that company。As for the company the largest shareholder of the actual control for people，Should also pay close attention to its second largest shareholder and the first big shareholder's hands the gap，If not big，Should also require the disclosure of the second largest shareholder actual control over the situation。

　　此外，建议提高无实际控制人和实际控制人持股较少的公司的独董比例。从实际控制人的披露来看，全流通形势下，越来越多的上市公司实际控制人持股比例下降，导致存在“小股东控制”和“内部人控制”的公司治理问题。目前，我国有四成的上市公司第一大股东持股比例小于30%，其持股比例不高，却控制了整个上市公司，甚至部分第一大股东以不到10%的持股比例控制了整个上市公司。目前，这些上市公司的董事会被第一大股东把持，存在较为严重的“小股东控制”问题。同时，随着全流通下部分大股东的逐步退出，部分上市公司的股权已极大分散，出现了没有实际控制人的情况，可能出现“内部人控制”风险。如果这些公司的第一大股东提出可能侵害普通投资者利益的议案，独董在董事会层面无法制止，则大股东可顺利地实现其目的。反之，如果独董在董事会层面可以制止此类议案，即便大股东独自提议召开股东大会，其他中小股东也会响应董事会的意见，否决大股东的提案。

In addition，No actual control and proposed raising the actual control of the company's shares less alone dong proportion。From the actual control the disclosure and see，Total current situation，More and more of the listed company to control the actual people shareholding percentage decline，Lead to exist“Small shareholder control”and“Insider control”Corporate governance problems。At present，Our country has forty percent of the listed company share ratio of the largest shareholder is less than 30%，Its shareholding proportion is not high，But control the listed companies，Even some of the first largest shareholder with less than 10% of the share ratio control the listed companies。At present，The board of directors of the listed company was the first big shareholders holding，There was serious“Small shareholder control”question。At the same time，With the full circulation of the big shareholders under gradually exit，Part of the equity of the listed company has great scattered，No actual controller appeared，May appear“Insider control”risk。If the company's first big shareholders put forward have infringed upon the interests of ordinary investors bill，By the board of directors of the level in the unable to stop，The big shareholders can successfully achieve its goal。and，If only the board level can stop by this bill，Even if the big shareholders to convene a shareholders' meeting alone，Other small and medium shareholders also respond to the opinions of the board of directors，Big shareholder proposals veto。

　　因此，报告建议借鉴国际经验，从董事会层面来制约“小股东控制”和“内部人控制”。根据公司治理的差异性，要求第一大股东持股比例低于30%的上市公司，其董事会成员中独立董事的比例应当超过二分之一。同时，加强对独立董事任职资格的认定。《上海证券交易所上市公司独立董事备案及培训工作指引》中要求独立董事候选人应具备独立性，规定独立董事候选人如曾在上市公司及其股东单位等关联单位任职、持有上市公司1％以上股份、提供中介服务等六项情形的，其受聘担任独立董事应与前述情形间隔一年以上。为进一步严格对独立董事独立性的要求，可考虑将间隔期由一年延长到三年。

so，The report recommends that the reference to the international experience，From the board level to restrict“Small shareholder control”and“Insider control”。According to the differences of corporate governance，Request share ratio of the largest shareholder less than 30% of the listed company，The board of directors of the proportion of the independent directors shall be more than half。At the same time，To strengthen the cognizance of the independent directors qualifications。《The Shanghai stock exchange, the independent directors of the listed company record and training work instructions》The requirement in the independent director candidate should have independence，To provide independent director candidate if ever in listed companies and their shareholders and related unit holds、More than 1% of a listed company shares、Provides intermediary service six of the situation，The hired as independent directors shall be with the foregoing circumstances intervals over a year。To further strictly for independent directors in the independence of requirements，May consider a year to extend the duration by three years。